Rules and Regulations of the State of Georgia
 

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  • 1. In the address bar, type about:config and press Enter.
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<xmp>.</xmp> <form name="form1" method="post" action="120-2-22?urlRedirected=yes&amp;data=admin&amp;lookingfor=120-2-22" id="form1"> <input type="hidden" name="__VIEWSTATE" id="__VIEWSTATE" value="/wEPDwUKLTY5ODkwOTM2Nw8WAh4Ec3BhbQIKFgJmD2QWAgIFDw8WAh4EVGV4dAUFMiArIDhkZGSvZvKJkioW5HsIBcZq68socYesNw==" /> <input type="hidden" name="__VIEWSTATEGENERATOR" id="__VIEWSTATEGENERATOR" value="EEBB6393" /> <input type="hidden" name="__EVENTVALIDATION" id="__EVENTVALIDATION" value="/wEWCAKx0cacCALniKOhBALV5cpNAoa5iIEFAoznisYGAsrv5u0MAsrv4u0MAsrv3u0M0O855vQ+JnrWXQUbNnCdEhuhMmM=" /> <div class='popup'> <div class='cnt223'> <div style="margin-bottom:6px;"> <img alt="Rules and Regulations of the State of Georgia" src="/images/new.gif"/> </div> <div class="header"> Terms and Conditions of Agreement for Access to Rules and Regulations of the State of Georgia Website </div> <div class="scroll"> <p>(Note: certain features of this site have been disabled for the general public to prevent digital piracy. If you are an entitled government entity pursuant the Georgia Administrative Procedures Act, <a target="_new" href="http://links.casemakerlegal.com/states/GA/books/Code_of_Georgia/browse?ci=25id=gasos&amp;codesec=50-13-7&amp;title=50&amp;#50-13-7(d)">O.C.G.A.§ 50-13-7(d)</a> contact the State of Georgia's Administrative Procedures Division at 678-364-3785 to enable these features for your location.)</p> <p>To access this website, you must agree to the following: </p> <p> These terms of use are a contract between you and/or your employer (if any), and Lawriter, LLC. </p> <p> You agree that you will not copy, print, or download anything from this website for any commercial use. </p> <p> You agree not to use any web crawler, scraper, or other robot or automated program or device to obtain data from the website.</p> <p> You agree that you will not sell, will not license, and will not otherwise make available in exchange for anything of value, anything that you download, print, or copy from this site.</p> <p> You agree that you will not copy, print, or download any portion of the regulations posted on this site exceeding a single chapter of regulations for sale, license, or other transfer to a third party, except that you may quote a reasonable portion of the regulations in the course of rendering professional advice.</p> <p> If you violate this agreement, or if you access or use this website in violation of this agreement, you agree that Lawriter will suffer damages of at least $20,000. </p> <p> THIS WEBSITE AND ITS CONTENT ARE PROVIDED "AS IS." 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If you are an entitled government entity pursuant the Georgia Administrative Procedures Act, <a target="_new" href="http://links.casemakerlegal.com/states/GA/books/Code_of_Georgia/browse?ci=25id=gasos&amp;codesec=50-13-7&amp;title=50&amp;#50-13-7(d)">O.C.G.A.§ 50-13-7(d)</a> contact the State of Georgia's Administrative Procedures Division at 678-364-3785 to enable these features for your location.)</p> <p>To access this website, you must agree to the following: </p> <p> These terms of use are a contract between you and/or your employer (if any), and Lawriter, LLC. </p> <p> You agree not to use any web crawler, scraper, or other robot or automated program or device to obtain data from the website. </p> <p> You agree that you will not sell or license anything that you download, print, or copy from this website.</p> <p> THIS WEBSITE AND ITS CONTENT ARE PROVIDED "AS IS." 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charset=UTF-16"> </HEAD> <div id="infobar"><a href="javascript:;" accesskey="r" Name="Route" title="Route" class="quickkey"><em class="mnemonic">R</em>oute </a>:<div class="searchtips" style="float:right;margin-right:10px;color: rgb(47, 79, 79);"> <a style="text-decoration:none;color: rgb(47, 79, 79);" title="search tips" name="searchtip" href="../help.aspx#searching" target="_blank"><em class="mnemonic">S</em>earch tips</a></div><ul class="breadcrumb"> <li><a href="/GAC" name="GAC" title="GAC">GA R&amp;R</a></li> <li>&raquo; <a href="/GAC/120" title="120">Department 120</a></li> <li>&raquo; <a href="/GAC/120-2" title="120-2">Chapter 120-2</a></li> <li>&raquo; Subject 120-2-22</li> </ul> </div> </div><div id="doc" class="container"> <div id="doc-content" class="content"> <h1><nllsubject>Subject 120-2-22 GEORGIA VARIABLE ANNUITY CONTRACT REGULATION</nllsubject></h1> <h2><a href="/GAC/120-2-22-.01" name="120-2-22-.01" title="120-2-22-.01">Rule 120-2-22-.01 Definitions and Scope</a></h2> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-22-.01(1)">(1)</a></td> <td valign="top" style="text-align:left" class="leftalign"> The term "variable annuity contract" shall mean any individual or group contract issued by an insurance company providing for annuity benefits and incidental contractual payments or values which vary in whole or in part so as to reflect investment results of any segregated portfolio of investments or of a designated separate account or accounts in which amounts received or retained in connection with any of such contracts have been placed.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-22-.01(2)">(2)</a></td> <td valign="top" style="text-align:left" class="leftalign"> "Agent," when used in this Regulation, shall mean any person, who, under the laws of this State, is licensed as a life insurance agent.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-22-.01(3)">(3)</a></td> <td valign="top" style="text-align:left" class="leftalign"> "Variable annuity agent," when used in this Regulation, shall mean an agent who shall sell or offer to sell any variable annuity contract.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-22-.01(4)">(4)</a></td> <td valign="top" style="text-align:left" class="leftalign"> A "satisfactory alternative examination" to Part I of the written examination called for by paragraph (3) of Section <a title="120-2-22" href="120-2-22">120-2-22</a>-.07 shall include any securities examination which is declared by the Commissioner to be an equivalent examination on the basis of content and administration. The following examinations are deemed to be a satisfactory alternative examination: <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-22-.01(4)(a)">(a)</a></td> <td valign="top" style="text-align:left" class="leftalign"> any State Securities Examination accepted by the Securities and Exchange Commission;</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-22-.01(4)(b)">(b)</a></td> <td valign="top" style="text-align:left" class="leftalign"> the National Association of Securities Dealers, Inc. Examination for Principals, or Examination for Qualification as a Registered Representative;</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-22-.01(4)(c)">(c)</a></td> <td valign="top" style="text-align:left" class="leftalign"> the various securities examinations required by the New York Stock exchange, the American Stock Exchange, Pacific Stock exchange, or any other registered national securities exchange;</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-22-.01(4)(d)">(d)</a></td> <td valign="top" style="text-align:left" class="leftalign"> the Securities and Exchange Commission test given pursuant to Section 15(b)(8) of the Securities Exchange Act of 1934;</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-22-.01(4)(e)">(e)</a></td> <td valign="top" style="text-align:left" class="leftalign"> the examination recommended for the testing of variable annuity agents by the National Association of Insurance Commissioners, when adopted by the Insurance Department of any State or Territory of the United States and approved for use by such Department by the Securities and Exchange Commission.</td> </tr> </table> </td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-22-.01(5)">(5)</a></td> <td valign="top" style="text-align:left" class="leftalign"> The scope of this Regulation shall be limited to those variable annuity contracts which are provided for in Section <a href="https://links.casemakerlegal.com/states/ga/books/Code_of_Georgia/browse?ci=25&amp;id=gasos&amp;codesec=33-11-35&amp;title=33#" target="_newtab">33-11-35</a> of the Code of Georgia, as amended, and does not apply to variable annuity benefit contracts provided for in Section <a href="https://links.casemakerlegal.com/states/ga/books/Code_of_Georgia/browse?ci=25&amp;id=gasos&amp;codesec=33-11-34&amp;title=33#" target="_newtab">33-11-34</a> of the Code of Georgia, as amended, nor to agents who sell variable annuity benefit contracts described in said Section only.</td> </tr> </table> <h2><a href="/GAC/120-2-22-.02" name="120-2-22-.02" title="120-2-22-.02">Rule 120-2-22-.02 Qualifications of Insurance Companies to Issue Variable Annuity Contracts</a></h2> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-22-.02(1)">(1)</a></td> <td valign="top" style="text-align:left" class="leftalign"> No company shall deliver or issue for delivery variable annuity contracts within this State unless (a) it is licensed or organized to do a life insurance or annuity business in this State; and (b) the Commissioner is satisfied that its condition or method of operation in connection with the issuance of such contracts will not render its operation hazardous to the public or its policyholders in this State. In this connection, the Commissioner shall consider among other things: <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-22-.02(1)(i)">(i)</a></td> <td valign="top" style="text-align:left" class="leftalign"> the history and financial condition of the company;</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-22-.02(1)(ii)">(ii)</a></td> <td valign="top" style="text-align:left" class="leftalign"> the character, responsibility and fitness of the officers and directors of the company; and</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-22-.02(1)(iii)">(iii)</a></td> <td valign="top" style="text-align:left" class="leftalign"> the law and regulation under which the company is authorized in the state of domicile to issue variable contracts.</td> </tr> </table> </td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-22-.02(2)">(2)</a></td> <td valign="top" style="text-align:left" class="leftalign"> If the company is a subsidiary of an admitted life insurance company, or affiliated with such company by common management or ownership, it may be deemed by the Commissioner to have satisfied the provisions of clause (b) of paragraph (1) hereof if either it or such admitted life company satisfies the aforementioned provisions.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-22-.02(3)">(3)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Before any company shall deliver or issue for delivery variable annuity contracts within this State it shall submit to the Commissioner (a) a general description of the kinds of variable annuity contracts it intends to issue; (b) if requested by the Commissioner, a copy of the statutes and regulations of its state of domicile under which it is authorized to issue variable annuity contracts and (c) if requested by the Commissioner, biographical data with respect to officers and directors of the company on the NAIC uniform biographical data forms.</td> </tr> </table> <h2><a href="/GAC/120-2-22-.03" name="120-2-22-.03" title="120-2-22-.03">Rule 120-2-22-.03 Separate Account or Separate Accounts</a></h2> <P>A domestic company issuing variable annuity contracts shall establish one or more separate accounts pursuant to Section <a href="https://links.casemakerlegal.com/states/ga/books/Code_of_Georgia/browse?ci=25&amp;id=gasos&amp;codesec=33-11-35&amp;title=33#" target="_newtab">33-11-35</a> of the Insurance Law of this State, subject to the following provisions of this Section:</P> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-22-.03(1)">(1)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Except as hereinafter provided, amounts allocated to any separate account and accumulation thereon may be invested and reinvested without regard to any requirements or limitations prescribed by the laws of this State governing the investments of life insurance companies; provided, that to the extent that the company's reserve liability with regard to (a) benefits guaranteed as to dollar amount and duration, and (b) funds guaranteed as to principal amount or stated rate of interest is maintained in any separate account, a portion of the assets of such separate account at least equal to such reserve liability shall be, invested in accordance with the laws of this State governing the investments of life insurance companies. The investments in such separate account or accounts shall not be taken into account in applying the investment limitations applicable to the investments of the company.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-22-.03(2)">(2)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Unless otherwise approved by the Commissioner, assets allocated to a separate account shall be valued at their market value on the date of valuation, or if there is no readily available market, then as provided under the terms of the contract or the rules or other written agreement applicable to such separate account; provided, that the portion of the assets of such separate account equal to the company's reserve liability with regard to the benefits and funds referred to in clauses (a) and (b) of paragraph (1), if any, shall be valued in accordance with the rules otherwise applicable to the company's assets.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-22-.03(3)">(3)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Notwithstanding any other provisions of law a company may <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-22-.03(3)(a)">(a)</a></td> <td valign="top" style="text-align:left" class="leftalign"> with respect to any separate account registered with the Securities and Exchange Commission as a unit investment trust excercise voting rights in connection with any securities of a regulated investment company registered under the Investment Company Act of 1940 and held in such separate accounts in accordance with instructions from persons having interests in such accounts ratably as determined by the company, or</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-22-.03(3)(b)">(b)</a></td> <td valign="top" style="text-align:left" class="leftalign"> with respect to any separate account registered with the Securities and Exchange Commission as a management investment company, establish for such account a committee, board, or other body, the members of which may or may not be otherwise affiliated with such company and may be elected to such membership by the vote of persons having interests in such account ratably as determined by the company. Such committee, board, or other body may have the power, exercisable alone or in conjunction with others, to manage such separate account and the investment of its assets. <P>A company, committee, board or other body may make such other provisions in respect to any such separate account as may be deemed appropriate to facilitate compliance with requirements of any Federal or State law now or hereafter in effect; provided that the Commissioner approves such provisions as not hazardous to the public or the company's policyholders in this State.</P> </td> </tr> </table> </td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-22-.03(4)">(4)</a></td> <td valign="top" style="text-align:left" class="leftalign"> No sale, exchange or other transfer of assets may be made by a company between any of its separate accounts or between any other investment account and one or more of its separate accounts unless, in case of a transfer into a separate account, such transfer is made solely to establish the account or to support the operation of the contracts with respect to the separate account to which the transfer is made, and unless such transfer, whether into or from a separate account, is made (a) by a transfer of case, or (b) by a transfer of securities having a valuation which could be readily determined in the marketplace, provided that such transfer of securities is approved by the Commissioner. The Commissioner may authorize other transfers among such accounts if, in his opinion, such transfers would not be inequitable.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-22-.03(5)">(5)</a></td> <td valign="top" style="text-align:left" class="leftalign"> The company shall maintain in each such separate accounts assets with a value at least equal to the reserves and other contract liabilities with respect to such account.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-22-.03(6)">(6)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Rules under any provision of the Insurance Laws of this State or any regulation applicable to the officers and directors of insurance companies with respect to conflicts of interest shall also apply to members of any separate account's committee, board or other similar body. No officer or director of such company nor any members of the committee, board or body of a separate account shall receive directly or indirectly any commission or any other compensation with respect to the purchase or sale of assets of such separate account.</td> </tr> </table> <h2><a href="/GAC/120-2-22-.04" name="120-2-22-.04" title="120-2-22-.04">Rule 120-2-22-.04 Filing of Contracts</a></h2> <P>All provisions pertinent to the Insurance Laws of this State, applicable to the filing requirements of all insurance policies and annuity contracts, shall apply to variable annuity contracts.</P> <h2><a href="/GAC/120-2-22-.05" name="120-2-22-.05" title="120-2-22-.05">Rule 120-2-22-.05 Contracts Providing for Variable Benefits</a></h2> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-22-.05(1)">(1)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Any variable annuity contract providing benefits payable in variable amounts delivered or issued for delivery in this State shall contain a statement of the essential features of the procedures to be followed by the insurance company in determining the dollar amount of such variable benefits. Any such contract, including a group contract and any certificate in evidence of variable benefits issued thereunder, shall state that such dollar amount will vary to reflect investment experience and shall contain on its first page a clear statement to the effect that the benefits thereunder are on a variable basis.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-22-.05(2)">(2)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Illustrations of benefits payable under any variable annuity contract providing benefits payable in variable amounts shall not include projections of past investment experience into the future or attempted predictions of future investment experience; provided that nothing contained herein is intended to prohibit use of hypothetical assumed rates of return to illustrate possible levels of annuity payments.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-22-.05(3)">(3)</a></td> <td valign="top" style="text-align:left" class="leftalign"> No individual variable annuity contract calling for the payment of periodic stipulated payments shall be delivered or issued for delivery in this State unless it contains in substance the following provisions or provisions which in the opinion of the Commissioner are more favorable to the holders of such contracts: <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-22-.05(3)(a)">(a)</a></td> <td valign="top" style="text-align:left" class="leftalign"> a provision that there shall be a period of grace of 30 days or of one month, within which any stipulated payment to the insurer falling due after the first may be made, during which period of grace the contract shall continue in force. The contract may include a statement of the basis for determining the date as of which any such payment received during the period of grace shall be applied to produce the values under the contract arising therefrom;</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-22-.05(3)(b)">(b)</a></td> <td valign="top" style="text-align:left" class="leftalign"> a provision that, at any time within one year from the date of default, in making periodic stipulated payments to the insurer during the life of the annuitant and unless the cash surrender value has been paid, the contract may be reinstated upon payment to the insurer of such overdue payments as required by the contract, and of all indebtedness to the insurer on the contract, including interest. The contract may include a statement of the basis for determining the date as of which the amount to cover such overdue payments and indebtedness shall be applied to produce the values under the contract arising therefrom.</td> </tr> </table> </td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-22-.05(4)">(4)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Any individual variable annuity contract delivered or issued for delivery in this State shall stipulate the investment increment factor to be used in computing the dollar amount of variable benefits or other contractual payments or values thereunder, and may guarantee that expense and/or mortality results shall not adversely affect such dollar amounts. If not guaranteed, the expense and mortality factors shall also be stipulated in the contract. <P>In computing the dollar amount of variable benefits or other contractual payments or values under an individual variable annuity contract:</P> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-22-.05(4)(a)">(a)</a></td> <td valign="top" style="text-align:left" class="leftalign"> the annual net investment increment assumption shall not exceed 5%, except with the approval of the Commissioner;</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-22-.05(4)(b)">(b)</a></td> <td valign="top" style="text-align:left" class="leftalign"> to the extent that the level of benefits may be affected by future mortality results, the mortality factor shall be determined from the Annuity Mortality Table for 1949, Ultimate, or any modification of that table not having a lower life expectancy at any age, or, if approved by the Commissioner, from another table. <P>"Expense," as used in this paragraph, may exclude some or all taxes, as stipulated in the contract.</P> </td> </tr> </table> </td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-22-.05(5)">(5)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Variable annuity contracts may include as an incidental benefit provision for payment on death during the deferred period of an amount not in excess of the greater of the sum of the premiums or stipulated payments paid under the contract or the value of the contract at the time of death.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-22-.05(6)">(6)</a></td> <td valign="top" style="text-align:left" class="leftalign"> The reserve liability for variable annuities shall be established pursuant to the requirements of the standard valuation law in accordance with actuarial procedures that recognize the variable nature of the benefits provided and mortality guarantees.</td> </tr> </table> <h2><a href="/GAC/120-2-22-.06" name="120-2-22-.06" title="120-2-22-.06">Rule 120-2-22-.06 Required Reports</a></h2> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-22-.06(1)">(1)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Any company issuing individual variable annuity contracts providing benefits in variable amounts shall mail to each contract holder at least once in each contract year after the first contract year at his last address known to the company, a statement or statements reporting the investments held in the separate account and, in the case of variable annuity contracts under which payments have not yet commenced, a statement reporting as of a date not more than four months previous to the date of mailing, (a) the number of accumulation units credited to such contracts and the dollar value of a unit, or (b) the value of each contract holder's account.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-22-.06(2)">(2)</a></td> <td valign="top" style="text-align:left" class="leftalign"> The company shall submit annually to the Insurance Commissioner a statement of the business of its separate account or accounts in such form as may be prescribed by the Commissioner.</td> </tr> </table> <h2><a href="/GAC/120-2-22-.07" name="120-2-22-.07" title="120-2-22-.07">Rule 120-2-22-.07 Examination of Agents and Other Persons</a></h2> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-22-.07(1)">(1)</a></td> <td valign="top" style="text-align:left" class="leftalign"> No agent shall be eligible to sell or offer for sale a variable annuity contract unless prior to making any solicitation or sale of such a contract, be also be licensed as a variable annuity agent.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-22-.07(2)">(2)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Any agent applying for a license as a variable annuity agent shall do so by filing with this Department form No. GID-103V A designated "Uniform Form AP for Securities Salesmen, Variable Contract Salesmen and Other Associated Persons."</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-22-.07(3)">(3)</a></td> <td valign="top" style="text-align:left" class="leftalign"> The licensing as a variable annuity agent of any agent complying with paragraph (2) shall not become effective until such agent shall have satisfactorily passed a written examination upon securities and variable annuity contracts. Such examination shall be divided into two parts. Part I shall be on securities generally. Part II shall deal with variable annuity contracts, and shall be composed of at least fifteen questions, but not more than fifty questions, concerning the history, purpose, regulation, and sale of contracts on a variable basis.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-22-.07(4)">(4)</a></td> <td valign="top" style="text-align:left" class="leftalign"> The examination will be given in such places and at such times as the Commissioner shall from time to time designate. Upon application for license as a variable annuity agent, the applicant shall be notified of the date of the next examination.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-22-.07(5)">(5)</a></td> <td valign="top" style="text-align:left" class="leftalign"> The examination recommended for the testing of variable annuity agents by the National Association of Insurance Commissioners is hereby adopted for use in this State in its present form, or as it may be amended, and it shall be used in all tests given pursuant to this regulation.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-22-.07(6)">(6)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Any applicant for license as a variable annuity agent shall not be required to take Part I of the NAIC examination if, at the time of application, evidence is presented that the applicant (a) has previously passed a satisfactory alternative examination as defined in paragraph (4) of Section <a title="120-2-22" href="120-2-22">120-2-22</a>-.01 of these Regulations, or (b) is currently registered with the Federal Securities and Exchange Commission as a broker-dealer, or is currently associated with a broker-dealer and has met qualification requirements with respect to such association.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-22-.07(7)">(7)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Every applicant applying for license as a variable annuity agent shall satisfactorily complete Part II of the examination required by paragraph (3) with a grade of at least seventy percent (70%). The Commissioner may, in his discretion, accept, in lieu of such examination, evidence of successful completion of either a variable contract examination given under the supervision of an insurance department of any state or territory of the United States which has adopted Part II of the examination recommended for the testing of variable annuity agents by the National Association of Insurance Commissioners or has been examined and licensed by any such department pursuant to an examination prior to its adoption of the National Association of Insurance Commissioners Model Regulation provided it is substantially equivalent to that given in Georgia.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-22-.07(8)">(8)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Any applicant who fails to pass Part I or Part II of the examination required by paragraph (3) may not take Part I or Part II of the examination again until 30 days after initially taking it. After a second such failure, such applicant may not take the examination again until the expiration of six months from the date of the last examination in which he failed. If such applicant shall fail to pass Part I or Part II on the third taking of such, he may not take it again for 30 days after such third failure. If such person shall thereafter fail to pass the fourth such examination, he shall not be eligible to take any further examinations until after the expiration of one year from the date of his last unsuccessful examination.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-22-.07(9)">(9)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Every application for a license as a variable annuity agent shall be accompanied by a license fee of $15.00 and an examination fee of $10.00. A fee of $5.00 will be charged for each re-examination administered to an applicant. No fees are refundable.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-22-.07(10)">(10)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Report of the results of any examination given pursuant to this Regulation shall be made by the Department on "Commissioner's Report of Examination No. GID-106VA."</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-22-.07(11)">(11)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Except as modified by these regulations, the regulations of this Department governing the licensing of life insurance agents including examinations therefor shall apply hereto.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-22-.07(12)">(12)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Part I of the written examination provided for in paragraph (3) may also be administered to other persons who are not required to be licensed to sell life insurance in this State upon their submission of form No. GID-103VA "Uniform Form AP for Securities Salesmen, Variable Contract Salesmen and Other Associated Persons" and payment of the examination fee.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-22-.07(13)">(13)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Results of the examination administered pursuant to paragraph (3) will be reported by this Department to the applicant's company. In addition, examination results will be reported by this Department to any other State Insurance Department requesting confirmation of the examination grade, either upon request of such Department or upon request of the applicant or his company.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-22-.07(14)">(14)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Records of the examination grade of each applicant upon an examination administered by this Department, or upon an examination deemed to be a satisfactory alternative examination and administered by another agency or authority and reported to this Department, will be retained in the file pertaining to said applicant.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-22-.07(15)">(15)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Any person licensed in this state as a variable annuity agent shall immediately report to the Commissioner (a) any suspension or revocation of his variable annuity agent's license or life insurance agent's license in any other State or Territory of the United States, (b) the imposition of any disciplinary sanction (including suspension or expulsion from membership, suspension or revocation of or denial of registration) imposed upon him by any national securities exchange, or national securities association, or any Federal, or State or Territorial agency with jurisdiction over securities or contracts on a variable basis; (c) any judgment or injunction entered against him on the basis of conduct deemed to have involved fraud, deceit, misrepresentation, or violation of any insurance or securities law or regulation.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-22-.07(16)">(16)</a></td> <td valign="top" style="text-align:left" class="leftalign"> The Commissioner may reject any application or suspend or revoke or refuse to renew any variable annuity agent's license upon any ground that would bar such applicant or such agent from being licensed to sell life insurance contracts in this State. The rules governing any proceeding relating to the suspension or revocation of a life insurance agent's license shall also govern any proceeding for suspension or revocation of a variable annuity agent's license.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-22-.07(17)">(17)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Renewal of a variable annuity agent's license shall follow the same procedure established for renewal of an agent's license to sell life insurance contracts in this State. Applications for renewal shall be by Form No. GID-101VA.</td> </tr> </table> </div> </div> </HTML> </div> <div id="toc" class="sidebar noprint"> <ul id="toc-children" class="children"><li><a href="/GAC/120-2-22-.01" name="120-2-22-.01" title="120-2-22-.01">Rule 120-2-22-.01 Definitions and Scope</a></li><li><a href="/GAC/120-2-22-.02" name="120-2-22-.02" title="120-2-22-.02">Rule 120-2-22-.02 Qualifications of Insurance Companies to Issue Variable Annuity Contracts</a></li><li><a href="/GAC/120-2-22-.03" name="120-2-22-.03" title="120-2-22-.03">Rule 120-2-22-.03 Separate Account or Separate Accounts</a></li><li><a href="/GAC/120-2-22-.04" name="120-2-22-.04" title="120-2-22-.04">Rule 120-2-22-.04 Filing of Contracts</a></li><li><a href="/GAC/120-2-22-.05" name="120-2-22-.05" title="120-2-22-.05">Rule 120-2-22-.05 Contracts Providing for Variable Benefits</a></li><li><a href="/GAC/120-2-22-.06" name="120-2-22-.06" title="120-2-22-.06">Rule 120-2-22-.06 Required Reports</a></li><li><a href="/GAC/120-2-22-.07" name="120-2-22-.07" title="120-2-22-.07">Rule 120-2-22-.07 Examination of Agents and Other Persons</a></li></ul> </div> </div> <!--content ends here--> <div id="footer" class="noprint"><span class="footer">Copyright &copy; 2019 Lawriter LLC - All rights reserved.</span>| <a href="mailto:support@casemakerlegal.com?subject=Rules and Regulations of the State of Georgia">Email Us</a> | 844-838-0769 | <a href="http://livechat.casemakerlegal.com/client.php?locale=en" target="_blank" onclick="if(navigator.userAgent.toLowerCase().indexOf('opera') != -1 && window.event.preventDefault)window.event.preventDefault();this.newWindow = window.open('http://livechat.casemakerlegal.com/client.php?locale=en&url='+escape(document.location.href)+'&referrer='+escape(document.referrer), 'webim','toolbar=0,scrollbars=0,location=0,status=1,menubar=0,width=640,height=480,resizable=1');this.newWindow.focus();this.newWindow.opener=window;return false;">Live Chat</a> </div> </div> </body> </html>